While cities are limiting self-storage, some states are letting them expand. New York City is one such city, with 50 million square feet spread over 920 sites. Recently, Mayor Bill de Blasio signed a bill limiting the construction of new facilities in Industrial Business Zones, where much of the city’s remaining manufacturing takes place. In Miami and San Francisco, new self-storage units are banned from certain areas. Despite the zoning restrictions, investors are spotting abandoned malls as prime candidates for conversion to self storage.
Cost of building a self-storage facility
While the construction cost of a self-storage facility is generally fairly consistent, it can still vary. The cost of land and labor is the biggest variable, and the price of steel can fluctuate. Several other factors can affect the cost of building a self-storage facility. One thing to keep in mind is that the building cost is higher in major metro areas than in smaller communities. Fortunately, the construction cost of a self-storage facility is relatively low compared to other types of commercial real estate.
A self-storage construction project will also require considerable site development costs. These costs include parking, landscaping, and signage. On average, these costs range from $4.25 per square foot, depending on site size and amenities. With that said, a 60,000-square-foot self-storage facility will need about $360,000 in development costs. While these costs may seem substantial, they can be spread out over many years.
Locations of self-storage facilities
Among the most important decisions for self-storage facility developers is where to locate their facilities. A densely-populated area is best, like self storage in North Carolina, as people don’t like to travel long distances to get to their stuff. Research shows that 80 percent of self-storage facility users live within five minutes of the facility. However, the most common location challenge is zoning, which may restrict the development of the storage facility.
In Manhattan, Self-storage facilities are located in various locations, including the Financial District, West Village, and Downtown. Most of the facilities are close to public transportation, which makes them very convenient. In addition, these facilities are less visible from the roadway, which means that they would not require rezoning. The proposed amendments to the Zoning Code would also focus on self-storage facilities’ locations. By doing so, they would not add to the aesthetics of the area and would not be a source of visual blight.
Cost of renting a storage unit
There are a number of factors that go into determining the price of renting a self storage unit. Climate control, for instance, is an important consideration, and it will affect the overall cost of the rental. An average climate-controlled storage unit will cost 15% to 25% more than an un-climate-controlled one. Unless you absolutely need climate control, you should avoid purchasing a climate-controlled storage unit.
The cost of renting a storage unit depends on many factors, including your location and the size of the unit. In areas where there is only one self storage facility, rent may be higher. A 5×5-foot storage unit will cost between $40 and $50 a month. For larger spaces, such as 10×20-foot storage spaces, you will pay at least $200 a month. A portable on-demand storage unit is typically about $230 per month.
Size of storage unit
The size of a storage unit can vary widely depending on your needs. Some units are large enough to hold your entire living room or bedroom, while others are small enough to hold just a few boxes and miscellaneous items. Some units are ideal for seasonal items, small furniture, and personal ideas. You can find dozens of storage unit sizes ranging from 50 square feet to 300 square feet. Depending on your needs, the right size will fit most of your stuff and still leave room for extras.
To estimate the size of the unit you need, make an inventory of your belongings. This way, you’ll know how much space you’ll need and how to pack efficiently. You can also measure individual items to determine the minimum cubic volume they require. Then, multiply those measurements by two or three. This will give you a general idea of the size of the storage unit. Once you know the size of the unit, choose a location and start packing!
Security of storage units
Many of the best storage facilities have on-site security. These security measures are designed to discourage thieves and vandals, and they are also a cost-effective option. They are also a good deterrent for theft, especially if the facility has been the target of numerous break-ins. Here are some tips to ensure your self storage unit is protected:
Install surveillance cameras in the facility. Cameras with built-in motion sensors and audio can help you spot suspicious activity. You can also install biometric devices for your customers to use to access their storage units. If you’d like to have extra security in your self storage unit, consider hiring a security company manager to monitor the property. Not only will this help ensure your valuables are protected, but a security manager will also keep an eye out for delivery people.